Trophy Homes Spur Manhattan Luxury Contracts

Deals for trophy homes spurred an otherwise lackluster period last week in Manhattan’s luxury market.

Ten of the 24 homes that entered contract between July 10 and 16 had an asking price of $10 million or more, according to Olshan Realty’s weekly report on homes asking $4 million or more.

The most expensive home to enter contract last week was PH17/18D at 740 Park Avenue. The home, which was up for sale by former CEO of Merrill Lynch and New York Stock Exchange John Thain, asked $25 million, down from $39.5 million when it hit the market in 2018. Thain paid $37.5 million for the home in 2006.

The duplex condo has three bedrooms, 3.5 bathrooms, three fireplaces and five terraces. It has a sweeping staircase and 12-foot-high ceilings with south, north and west views of Central Park.

The nearly 100-year-old building has housed some of the most influential last names and was the subject of a 2005 book, “740 Park: The Story of the World’s Richest Apartment Building.”

The second most expensive home to enter contract last week was 452 Greenwich Street, a Tribeca townhouse with an asking price of $24.5 million.

The seller bought the four-story, 25-foot-wide townhouse for $5.6 million in 2003 before first attempting to sell for $24.5 million in 2012. It has five bedrooms, six bathrooms and three fireplaces, as well as an elevator and a garage. It has a 2,500-bottle wine cellar and a 1,200-square-foot rooftop terrace.

Of the 24 homes that went into contract last week, 15 were condos, six were townhouses and three were co-ops.

The homes’ combined asking price was $247 million, with an average of $10.3 million and a median of $8.2 million. The typical home received a 12 percent discount and spent 678 days on the market.